Earlier this limit was Rs 10,000 for the financial year i.e. 2018-19 and Rs 50,000 for senior citizens. For FY 2019-20, this limit is Rs 40,000 and for senior citizens Rs 50,000. This is applicable for the year 2021-22, 2022-23.

Now let’s talk about 15G form.

• What is Form 15G: Form 15G is filled to avoid TDS on income. However, there are some conditions on the basis of which this form is filled.
• Form 15G is a declaration form under sub-sections 1 and 1(A) of section 197A of the Income Tax Act, 1961.
• Hindu Undivided Family, any person below the age of 60 years fills it. 15G should be deposited before the first payment of interest on FD.
• They have to be deposited in all those bank branches from where the money is being deposited. This form is submitted only by those whose taxable income is nil. The person should be an Indian citizen. The total income from interest during the financial year should be less than 2.5 lakhs.

After 15G form, now comes the matter of 15H form…

• What is Form 15H (What is form 15H): This form can be filled by people of 60 years or more. Form 15H is a declaration form under sub-section 1 (C) of Income Tax Act, 1961 under section 197A. Is.
• Last year’s estimated tax should be zero. The individual has not filed income tax return last year because his income is less than the taxable amount.
• The person has to submit this form to all the bank branches from where he is collecting the interest. 15H form should be submitted before the first interest is paid. This is not mandatory but it can prevent TDS deduction from the bank.
• Form 15H has to be submitted if the interest income from any source other than deposits such as interest income on loans, advances, debentures, BONDS etc. exceeds Rs 5,000.

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Bulk FD rates from Rs 2 crore to Rs 10 crore have been increased by public sector Punjab National Bank (PNB) . This increase has been done by the bank on FDs ranging from 7 days to one year. According to the official website of the bank, the new interest rates have come into effect from May 4.

Let us tell you, due to the continuous increase in the repo rate from the RBI , banks are continuously increasing the interest rates of FDs. In the last one year, the repo rate has increased from 4.00 percent to 6.50 percent.

PNB new interest rates

PNB has increased the interest rate of bulk FDs from 7 days to 45 days by 0.50 percent from 5.50 percent to 6.00 percent. The interest rate on bulk FDs ranging from 46 days to 90 days has been increased by 0.75 percent. Due to this the interest rate has increased from 5.50 percent to 6.25 percent. The interest rate on FDs of 91 days to 179 days has been increased by 0.50 percent from 6.00 percent to 6.50 percent.

The interest rate on FDs ranging from 180 days to less than one year has been increased from 6.25 percent to 6.50 percent. At the same time, the interest rate on bulk FD of one year period has been increased by 0.25 percent to 7.00 percent.

PNB new interest rates

PNB has increased the interest rate of bulk FDs from 7 days to 45 days by 0.50 percent from 5.50 percent to 6.00 percent. The interest rate on bulk FDs ranging from 46 days to 90 days has been increased by 0.75 percent. Due to this the interest rate has increased from 5.50 percent to 6.25 percent. The interest rate on FDs of 91 days to 179 days has been increased by 0.50 percent from 6.00 percent to 6.50 percent.

The interest rate on FDs ranging from 180 days to less than one year has been increased from 6.25 percent to 6.50 percent. At the same time, the interest rate on bulk FD of one year period has been increased by 0.25 percent to 7.00 percent.

The post Good news for Bank FD investors! This government bank increased FD interest rates, check new rate first appeared on Rightsofemployees.com.